We had mentioned in last week’s closing report that GDP growth might propel Nifty, Sensex higher. The major indices of the Indian stock markets closed on Friday with losses over previous Friday’s close. The trends in the course of the week’s trading are given in the table below:
The major indices of the Indian stock markets suffered a correction on Monday and closed with losses over Friday’s close. On the NSE, there were 853 advances, 925 declines and 313 unchanged, after opening sharply higher on the back of healthy April-June GDP.
The indices trimmed the major gains made earlier in the day, due to weak Asian markets. Globally, Asian markets traded in the negative territory on concerns of escalations in the US-China trade war. According to analysts, buying was witnessed in consumer durables, healthcare and IT (information technology) stocks.
Global software major Wipro said it had won a USD1.5 billion (10,500 crore) 10-year deal from the US-based technology firm, Alight Solutions LLC. "We have won a 10-year engagement to provide a suite of solutions and services to the Illinois-based Alight Solutions, a leader in technology-enabled health, wealth, human resources and finance solutions," said the Bangalore-based IT major in a statement. Claiming the deal to be its largest win so far, the company said it would generate $1.5-1.6-billion revenues over the tenure.
The construction arm of L&T has won orders worth Rs2,654 crore across its businesses. The Transportation Infra business wins Rs2,095 crore order from MSRDC for 10th package of Nagpur-Mumbai Expressway. The Heavy Civil Infra business bags Rs559 crore order from MSRDC.
Graphite India's subsidiary Graphite International BV has signed a definitive Agreement for investment of upto US$ 18.59 million in cash in General Graphene Corporation, a US-based unlisted company located in Knoxville, Tennessee, for a 46% stake (approx.) in the company.
The major indices of the Indian stock markets suffered a correction on Tuesday and closed with losses over Monday’s close. On the NSE, there were 414 advances, 1,351 declines and 305 unchanged.
The Reliance Infrastructure Ltd-Astaldi S.p.A.(Italy) consortium has bagged the project for the northern extension of the Rajiv Gandhi Bandra Worli Sea Link from Bandra to Versova, an official said here on Tuesday. The MSRDC had floated the tenders for the construction of the second sea link on an EPC-basis to build the Versova-Bandra Sea Link, 17.17 km-long, or three times the existing 5.6 km-long RGBWSL. RInfra EPC CEO Arun Gupta said the mega-project will further propel the company as a premier EPC company in India.
Lupin's Tarapur API manufacturing facility has completed cGMP inspection carried out by the US FDA. The inspection closed with one observation of procedural type. The inspection focused on cGMP compliance and also on the safety of Lupin's Valsartan, Losartan and Irbesartan APIs.
Budget carriers IndiGo and GoAir offered low-fare tickets for travel during September 2018 to March 2019. Under the IndiGo offer, fares would start from Rs999 and the tickets would be available from September 3 to 6, the airline said in a statement. Persistent Systems has acquired Herald Technologies Inc., an IT (information technology) services start-up in the US, for a cash consideration of US$ 5.2 million. The acquired business will strengthen Persistent's IP led offerings in the Healthcare domain and create a number of cross-sell opportunities.
The major indices of the Indian stock markets were range-bound on Wednesday and closed with losses over Tuesday’s close. On the NSE, there were 625 advances, 1,125 declines and 321 unchanged.
Centrum Financial Services Ltd, the NBFC arm of the Centrum Group, signed an agreement to acquire L&T Finance's Supply Chain Finance business. The business has a loan book of approximately Rs800 crore with a combined customer base of 800 (approx).
Goldiam International has received export orders worth Rs140 crore from its International clients for manufacturing of diamond studded designed gold jewellery. The order was to be delivered within three months.
The key Indian equity market snapped its six-day losing streak after a largely volatile trading session on Thursday. According to market observers, a late recovery in the Indian rupee which breached the 72 per dollar mark for the first time aided the market to pare its earlier losses. Besides, value buying and healthy pick-up in healthcare, oil and gas and banking stocks also lifted investors' sentiments.
Weak global cues and domestic uncertainty over foreign investment norms in the equity market pulled the Indian rupee to a new record low of 71.97 per US dollar, but it later recovered. The rupee opened at 71.45 per US dollar and settled at a record closing low of 71.75, weaker by 17 paise than its previous close of 71.58 per greenback.
L&T Technology Services has executed a definitive agreement to acquire 100% stake in Bangalore-based Graphene Semiconductor by way of an all cash deal. Graphene had revenues of Rs66.3 crore for the year ended March 31, 2018.
TCS has successfully completed a CRM-based sales transformation program at Maxim Integrated Products, a leading global manufacturer of analog & mixed-signal integrated circuit. The solution provides a streamlined and agile digital sales process to maximize Maxim's sales velocity.
The key Indian equity indices closed in the green on Friday supported by buying activity in the auto stocks and a recovery in the rupee from its previous close. The rupee traded around 71.70 per dollar (3.50 p.m.), against the previous close of 71.99 per greenback. Buying was witnessed in the auto index, which surged by 501.93 points, followed by metal and healthcare indices.
Software major Tech Mahindra said it has entered into a partnership with deep-learning software company Avaamo to develop and deliver conversational Artificial Intelligence (AI) solutions for global enterprises. Tech Mahindra said it would evangelise Avaamo's enterprise products and build solutions around platforms in areas such as the Internet of Things (IoT), AI, and Machine Learning (ML). The collaboration will help Tech Mahindra harness newer enterprise AI technologies and serve global markets in countries like the US, Britain, the Netherlands, Germany, Sweden, Malaysia, Israel, Indonesia and the Philippines, among others. Tech Mahindra shares closed at Rs770.40, down 0.30% on the BSE.
Indian software major Infosys said it has formed a joint venture (JV) with global investment firm Temasek in Singapore to service it and its clients in the digital domain. "The JV will integrate our team with that of Temasek's Singapore subsidiary Trusted Source Pte Ltd, which delivers IT services to it and its clients," said the city-based IT major in a statement here. As per an agreement signed by the partners on Thursday night, Infosys will hold 60% in the JV and Temasek 40%. Infosys shares closed at Rs733.15, up 0.71% on the BSE.
Commercial vehicles major Ashok Leyland Ltd said it has inaugurated its electric vehicle (EV) facility in its plant at Ennore here. In a statement issued here the company said it is India's first integrated facility for design, prototyping, testing, process prototyping and solutions design. "The in-house facilities include engineering, prototyping and testing for motors, battery modules and packs and a power electronics lab. Keeping in mind the rapidly evolving and changing market and technology, it has been conceived as an in-house start-up facility in order to stay flexible and fast," the statement said. "In our 70th year, we are laying the foundation for our future. The EV Centre in Ennore will give us the edge throughout the evolution of eMobility," Vinod K Dasari, Managing Director was quoted as saying in the statement. Ashok Leyland shares closed at Rs131.75, up 1.54% on the BSE.